Electronic Investor

Flash Boys' New Traces

Michael Lewis' book continues to spur debate and some change, though the government will ultimately have to address the stock market's structure.

Even a couple of months after publication of Michael Lewis' provocative book Flash Boys, electronic investors and brokers are struggling with some of the issues it raised, principally that the stock market is rigged against the little guy. Those who believe it is argue that brokers send customer orders to market makers who pay them for the order flow. As a result, their clients, often small investors, don't always get the best prices for their trades.

Lewis' book publicized issues that were already under scrutiny. Payment...